I always store my bear canister a short distance from where I sleep. That distance is equal to the flash range on my camera. I want to get a night shot of the bear fooling with it. That distance is anywhere from 10 feet to 100 feet depending on which camera and which flash unit I use.
You do not want the bear to roll it away or over a cliff. So, it is a good idea to wedge it in between some boulders, or plunk it down in a thick bush. You absolutely do not want to put it inside anything like a bag, because then the bear could grab it up in his teeth and walk off with it.
There was a bad report from a backpacker who had stopped along the John Muir Trail between Muir Pass and LeConte Canyon. He left several days worth of food in his bear canister and placed it 100 feet or so away from where he slept. In the morning, somebody had stolen all of the food out of the canister except for one food bar. So, the backpacker had to leave the trail early and not complete his trip. Thieves should be shot. Still, that is a good reason to keep your bear canister closer to you.
–B.G.–